Are you aware of the consequences your company may
face if you do not meet the requirements of Informed Compliance?
- Fines and Penalties to $100,000
- Civil & Criminal Litigation
- Delivery Delays
- Customs Audits & Questions
- Additional Clearance Costs
- Suspended Import Privileges
- Redelivery of Goods to Customs
- Seizure of Goods
The 1993 Customs Modernization Act (MOD Act) brought about many
changes to the importing community. It significantly increased the
burden of responsibility on importers and their brokers to exercise
"reasonable care" in every aspect of processing U.S. Customs
transactions. Under the legislation, importers are required to
provide Customs with accurate and timely filings of classifications,
duties, and other data relevant to the entry process.
Most people only think of import transactions when informed
compliance is mentioned. However, there are
certain considerations
for export shipments as well.
Customs has advised the international trading community that it
must use "reasonable care" in classifying and valuing imports, based
on a policy of "informed compliance". This process allows Customs to
verify the accuracy of transactions through post-audit, rather than
by individual entry scrutiny.
The failure of an importer to exercise "reasonable care" will
seriously delay release of the shipment and possibly lead to the
levying of penalties on the part of Customs.
Additionally, the MOD Act (section 615) requires all importers to
maintain supporting records for all entry data or be faced with the
possibility of penalties up to $100,000 per shipment. Remember that
ignorance of the law is no excuse.
Samuel Shapiro & Company, Inc. works diligently to insure that
your company heads Customs’ list of compliant importers. Over
one-third of our staff is a licensed Customhouse broker. This
competitive advantage along with our compliant and cooperative
relationship with Customs and Border Protection, and knowledge of
the rules and regulations, translates into hassle free clearance for
our customers. Our cutting-edge technological tools and track record
for accuracy can be used to your advantage so you can get ahead of
the competition. As an ABI recipient of all critical data released
by Customs, our library is extensive, and always current. Using the
latest software, we are instantly able to check the latest Customs
rulings, administrative messages, directives, and keep abreast of
binding rulings, copyright and trademark notices, and anti-dumping
and countervailing duty notices.
We will scrutinize our information resources to keep you informed
of matters relative to your existing products and proposed
purchases. Shipments will be rated and documented with the accuracy
mandated by Customs, thus keeping Customs away from your door.
Samuel Shapiro & Company, Inc. recognizes the importance of
Informed Compliance. We are also aware of the apparent confusion
over the requirements for, and benefits of, many of its programs. In
an effort to help educate our clients, Samuel Shapiro and Company,
Inc. often sponsors what we hope to be very
informative seminars. Please
contact our Compliance Department at 410-539-0540 ext. 281 for
future seminars and locations.
